Bitcoin prices appear to have taken quite the downturn as markets continue expanding on the relatively bearish mood that’s had prices dropping ever since the recent rally’s peak. BTC/USD rates dropped down to $1700 levels but prices have now recovered at around 1780 levels thanks to a positive price spike.
Major Signals
- Bitcoin traders are quite uncertain about the price’s potential path amid the current market sentiment, and this becomes apparent through the last trading session.
- Selling pressure kept being followed by further negativity and large sell orders managed to keep prices below $1800 after the recent breach.
- Support keeps seeming weaker with any price rise as resistance effectively eats through buy walls.
OKCoin BTC/USD charts showcase how the recent turn of events has had futures traders exaggerating the bearish attitude of traders in live markets. Futures rates started having a growing spread with live BTC/USD prices once again and this time it’s come close to $200. Notably though, the major decline in futures rates didn’t come until the improbability of a recovery was realized after downward spikes in live markets.
All in all, perhaps the fact that selling pressure is making a reemergence into bitcoin markets isn’t something to help build on a more positive market sentiment. Certainly, this attitude has not yet turned into a complete selloff yet bitcoin markets are still in danger of falling into a downward spiral if downward pressure isn’t addressed amid all this volatility.